A loan with the following terms is being made: Fixed rate, constant monthly payment. Closing date February 9th. Five percent interest rate. Prepaid interest due at closing. $120,000 mortgage loan amount. $2,000 loan discount points to be paid by the buyer or borrower to the lender. 25-year term, monthly payments, fully amortizing. Required: Calculate the APR for federal truth-in-lending purposes. Note: (Do not round intermediate calculations. Round your final answer to two decimal places.)